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Philippines securities regulator warns against ‘10x ICO project’ Lodi Coins

The Philippines’ Securities and Exchange Commission (SEC) has issued a warning against Lodi Coins, a digital asset project that promised investors 10x gains.

The SEC flagged the public offering of Lodi Coins by Lodi Technologies Inc., claiming that the company violated securities laws by offering unregistered securities.

“Lodi Coins is not registered as a virtual asset service provider with the Bangko Sentral ng Pilipinas (BSP). Lodi Technologies also did not have the corresponding certificate of authority from the central bank as a money service business (MSB), as required under the BSP guidelines for virtual asset providers,” the notice stated.

The watchdog claims that Lodi Technologies has been offering the token through Facebook, Twitter, Instagram, and other social media platforms. Investment packages in the token’s initial coin offering (ICO) ranged from $200 to over $8,500. The issuers told investors that they stood to make 10x in profits after the ICO.

To evade regulatory scrutiny, Lodi Technologies marketed Lodi Coins as utility tokens, telling investors that this exempted them from being labeled as securities.

However, the regulator pointed out that this didn’t influence its decision in the slightest. Citing a decision made by its United States counterpart, the Gary Gensler-led SEC, the watchdog stated, “Securities law may apply to various activities, including distributed ledger technology, depending on particular facts and circumstances, without regard to the form of the organization or technology used to effectuate a particular offer or sale.”

In this particular case, Lodi Coins were deemed a security because investors pooled their money into a common enterprise and were led to expect profits primarily from the efforts of others.

“In other words, merely calling a token a ‘utility’ token or structuring it to provide some utility does not prevent the token from being a security. Tokens and offerings that incorporate features and marketing efforts that emphasize the potential for profits based on the entrepreneurial or managerial efforts of others contain the hallmarks of a security,” the SEC noted.

Filipinos must not invest in Lodi Coins, the regulator concluded. Furthermore, salesmen, brokers, and agents for the company, including those doing recruitment over the Internet, may be criminally prosecuted and face up to PHP5 million ($85,000) or a maximum of 21 years in prison.

In recent times, the SEC has issued warnings against other digital asset firms, including Peak FinancePaynance, and Binance, who have been operating in the country illegally.

Watch: Dr. Craig Wright’s keynote speech: Cloud Security, Overlays & Blockchain at the BSV Global Blockchain Convention

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New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.


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Flasko (FLSK) Ready To Make More Gains As Hedera (HBAR) And Tron (TRX) Take a Dive

This year many cryptocurrencies have taken big hits because of the bear market triggered by the terrible world economics. Tokens like Hedera (HBAR) and Tron (TRX) have been struggling to survive in the current market conditions, but it’s been getting increasingly difficult to do so as the bloody chart continues to persist. 

On the other hand, Flasko, a new token, has been stunning many with its progress and experts believe it is positioned to make even greater gains compared to Hedera (HBAR) and Tron (TRX). Here’s why. 

Hedera (HBAR) may take years before recording any real growth

The creation of Hedera (HBAR) was funded through an initial coin offering (ICO) that was held in August 2018, then it launched for the first time with open access to its mainnet just over a year later in September 2019. 

The Hedera (HBAR) token acts as the fuel that powers Hedera services and is also used to secure the network. The Hedera (HBAR) token is currently worth about $0.05, and analysts have said it may not rise to $0.1 until 2024.

Tron (TRX) is down to 80% from its all-time high 

Tron (TRX) has been around for a long time in the ecosystem.  The Tron (TRX) token was initially launched on Ethereum but later moved to its own chain. Its aim is to eliminate middlemen between content creators and their money.

Since its launch, the Tron (TRX) coin has never crossed the $0.3004 boundary, and many believe it will take several years to get that far. The Tron (TRX) token hit its all-time high five years ago, and many investors have given up on waiting for the pump, which is exactly why they have their eyes peeled for better projects like Flasko. 

Flasko (FLSK) is getting popular and offers lots of potential

Flasko started getting popular after it launched its presale some weeks ago, and it has continued to stun people with its progress ever since. Flasko’s goal is to help people invest in the highly liquid alternative markets of luxury and rare alcoholic beverages like fine wines, vintage champagne, and premium whiskeys. 

Flasko investments will lead to an NFT being minted and made available on the specialized investment platform. The investments will be well protected in a licensed holding facility, and the liquidity will also be locked for 33 years to guarantee safety.

Flasko’s token is currently just $0.04 in its presale, but the prices will remain dynamic and are expected to increase soon. The Flasko roadmap is still in its first stage, so this is the best time to get aboard because it is almost certain that the price will increase.

Website: https://www.flasko.io/ 

Presale: https://presale.flasko.io  

Telegram:https://t.me/flaskoio 

Twitter: https://twitter.com/flasko_io  

Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.

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Uniglo.io (GLO) Price Surge Leads To Outstanding Gains For Holder…

A little-known DeFi token called Uniglo (GLO) has been outperforming leaders like Cardano (ADA) and Solana (SOL). In fact, GLO is up 45% and hasn’t seen a red candle in two months. And it’s expected to maintain its value for the next months as well. How is it possible for a cryptocurrency to have not seen a red candle in months? It’s because you won’t find it on exchanges. Uniglo is currently hosting a private initial coin offering. “No fair,” you’re saying, “if it can’t be sold, then it doesn’t count.”

That’s not entirely true because Uniglo tokenomics are designed in such a way as to minimize volatility even after it hits the market. In fact not only is the GLO token supply eternally deflationary, but the treasury that backs GLO will be eternally growing. And the more volatile the markets become, the faster GLO grows.

This neat trick is made possible by borrowing a mechanism from the world of NFTs called royalties. Whenever anyone buys or sells GLO 5% is collected by the treasury, 2% is burned automatically, and 3% goes toward operations and marketing to grow the community. Thus, no matter whether we’re in a bear market or a bull market the treasury is growing and the supply of the token is shrinking. And the more the price swings, the faster money goes into the treasury. 

So, what do we mean by “community”? Uniglo is a DAO, a decentralized autonomous organization. That means that it’s run not by a board and shareholders and C-suite executives but rather by holders of the GLO token. All holders get to vote on the investment activities of the DAO including how the treasury is invested, when to sell an asset, and when to buy back tokens off exchanges. 

The treasury can be invested into anything that can be tokenized. Unlike DAOs such as BitDAO which is focused solely on investing in Web3 projects and will go up and down in price with the market, the GLO treasury will be invested in a wide array of assets with high potential for long-term appreciation. Alongside cryptocurrencies and investment-grade NFTs, this could include tokenized equities and even real-world assets like real estate and gold. 

It’s been proven time and time again that slow and steady dollar-cost averaging and long-term holding outperform any other investment schemes. And Uniglo is aimed squarely at long-term investors. The 10% royalty not only keeps the snowball growing but it also discourages speculative trading while encouraging early adoption and hodling. And it’s the ICO investors who will benefit the most from this project.

The ICO runs up until the platform launch in mid-November. That is if it hasn’t sold out by then. And we do expect it to sell out, so if you’re interested in doing more research head on over to the uniglo.io website and check out their whitepaper. While you’re there, you can pick up some GLO for just $0.0145. Even a small investment today could turn into a heap of value over the coming years and decades. 

Learn more here

Join Presale: https://presale.uniglo.io/register 

Website: https://uniglo.io

Telegram: https://t.me/GloFoundation

Discord: https://discord.gg/a38KRnjQvW

Twitter: https://twitter.com/GloFoundation1

 

Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.




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Oryen (ORY) 90% Fixed APY Could Generate Millions Unlike Volatile Returns From Ethereum (ETH) And Cardano (ADA)

As the cryptocurrency market looks to find its footing after a volatile start to the year, one digital asset that is outperforming the rest is Oryen. Unlike Ethereum and Cardano, which have seen their returns fluctuate wildly in recent weeks, ORY has remained relatively stable, offering investors a fixed APY of 90%.

While ORY is not as well-known as some of the other major cryptocurrencies, its ability to generate consistent returns is attracting more and more attention. If its current momentum continues, ORY could soon become a major player in the digital asset space.

Ethereum (ETH) And Cardano (ADA)

Ethereum recovered losses and climbed above the $1,320 level against the US dollar. ETH could start a fresh increase if there is a clear move above $1,350.

The Merge took place in mid-September, but the price has posted losses since then. Transaction fees have fallen, although this might be due as much to lowered interest in the NFT domain as to the Merge.

On the other hand, ADA’s inability to scale the $0.5 heights meant the longer-term outlook was bearish. But the past two days have been decidedly bearish, and another move downward appears likely for the crypto market.

Oryen (ORY)

Oryen is a cryptocurrency staking network that pays out 90% APY on ORY tokens. While this appears to be ridiculous and unsafe, Oryen has devised a method to ensure that the price of ORY has a safety net. Essentially, the token’s circulating supply rises in tandem with the treasury, which is supported by the token’s purchase and sell fees.

In order to alter the token supply,  a sophisticated combination of criteria, including game theory and codified investing psychology, is employed to forecast buyer and seller behavior. The best thing about Oryen is how simple it is. ORY tokens are staked automatically, and interest is airdropped to the holder’s wallet.

Conclusion

Oryen is currently having an initial coin offering (ICO). And, as you might expect, there’s no better time to get involved in a project like this than before it launches. Pre-sale investors pay a lower price for ORY and are exempt from the 8% tax. Oryen will go live on December 30, 2022.

Find out more here:

Join Presale: https://presale.oryennetwork.io/register

Website: https://oryennetwork.io/

Telegram: https://t.me/OryenNetwork

Discord: https://discord.com/invite/jSvaXmb2cB

Twitter: https://twitter.com/oryennetwork

Disclaimer: Any information written in this press release or sponsored post does not constitute investment advice. Thecoinrepublic.com does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release or sponsored post. Thecoinrepublic.com is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release or sponsored post.

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Public warned vs unauthorized virtual currency offered on so


The Securities and Exchange Commission (SEC) is warning the public against a supposed virtual currency offered on social media by a company  without  licenses from regulators.

In an advisory dated Sept.  29, 2022, the SEC said  Lodi Technologies Inc. which offers Lodi Coins does not have  SEC securities registration and certificate of permit to offer and sell securities. Lodi Technologies also does not have the corresponding certificate of authority to operate as a money service business (MSB) as required under the Bangko Sentral ng Pilipinas (BSP) guidelines for virtual asset providers, the SEC addd.

Lodi Technologies is offering Lodi Coins to the public through Facebook, Twitter, Instagram, and Discord.

The SEC said investment packages range from P12,500 to P500,000, with the potential to earn at least 10 times or 1,000 percent of the total amount invested after Lodi Coin’s initial coin offering.

The SEC  said  while Lodi Technologies’ articles of incorporation state that it is a business process outsourcing  firm which  constitutes serious misrepresentation.

The SEC said that individuals acting as salesmen, brokers, dealers or agents of Lodi Technologies, including solicitations and recruitment through the internet, may be criminally prosecuted and penalized with a maximum fine of P5 million or face a prison sentence of up to 21 years.

 


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Bitcoin Bullish Firm Microstrategy Searching Blockchain Engineers

Microstrategy is hiring Bitcoin & blockchain technology talents for its Bitcoin use initiatives.

Microstrategy is a popular US-based publicly listed company. Under the leadership of Michael Saylor, the company is buying Bitcoin to make the Company a multi-million Bitcoin holder company. To this date, this company is holding approximately 130k Bitcoins on its balance sheet and the company has no plans to sell these coins in the future. 

Michael Saylor is the founder of Microstrategy and he is contributing to the company as a board member to bring the use of Bitcoin for the company to generate more revenue. Just a few months ago, he stepped down from the position of CEO, to give his full time to bitcoin-related work for the company. 

On 1 October, Michael Saylor shared a full detail of the new software, Bitcoin & blockchain Engineers hiring link of MicroStrategy. 

Saylor said that team of Microstrategy is working on a Bitcoin lightning network-based app, so if anyone wants to contribute to provide secure networks, monetizing websites, and deploying wallets en masse using #Bitcoin, then he can join. 

Saylor is only a bitcoin lover 

Saylor is not fond of any crypto asset, except Bitcoin. He never misses a chance to support & talk about Bitcoin. Behind the Bitcoin blockchain, Proof-of-work (PoW) technology works and Saylor is only a supporter of the PoW model, which is an inefficient blockchain consensus over the latest model Proof-of-stake (PoS). 

In the past, Saylor passed comments about Proof-of-stake consensus-based crypto assets and claimed that all these should undergo securities asset class. 

Once, he criticized Ethereum (ETH) lovers also and said that ETH is also a security and it can’t be a commodity because it was issued by a team via Initial Coin Offering (ICOs). 

Saylor said:

“There’s a management team. There was a pre-mine. There’s a hard fork. There are continual hard forks.”

In short, Microstrategy’s founder believes that Bitcoin is only a commodity in the crypto space because there is no management team and no one is the issuer & is fully decentralized in nature.

Read also: Giant telephone operator Telefonica accepts Bitcoin


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Tangent Announces Regulated ICO With Leading European Exchan…

(MENAFN– Zex PR Wire)

Road Town, British Virgin Islands, Sept 30, 2022, , Tangent has announced that through their compliant token sale platform. Tangent has chosen as its exclusive token issuer to execute a compliant initial coin offering of . 



Sale commences 1st October 2022.

From the get-go, Monty and the LCX team have understood and supported our vision of bringing utility to the NFT scene on Cardano. Their professionalism and experience has made the on-boarding process a smooth one. We are delighted to partner with LCX exclusively, for our fully regulated token offering – Ben Gordon – Co-Founder & GM, Tangent.

Tangent is a unique project built on top of the and we’re excited about this partnership to issue $TANG tokens,” said LCX’s CEO .“LCX is experiencing one of its most prolific eras of innovation and new product development in its history. $TANG token will function like most other native Cardano tokens.”

The $TANG token sale will be managed by , which will include knowing your customer (KYC), anti-money laundering in accordance with investor onboarding, and blockchain analytics (KYT) standards. Tangent manages the $TANG token sale in a compliant manner by leveraging LCX’s extensive token sale manager and crypto compliance suite. Tangent’s private and public sale rounds are being handled by LCX.

As the official token issuer and token sale manager for $TANG, LCX will plan the legal factors and register the sale with the regulator. In conformance with the Financial Market Authority and regulatory approvals, LCX will manage several key aspects of the token sale. The , terms of the $TANG token sale, and an independent legal opinion from a credible European law firm categorizing the $TANG token as a utility token will be included in the notification to the regulator.

Tangent Contributing Inclusively In The NFT Market

Tangent is on a mission to develop a unique solution to bridge the gap between Non-Fungible Tokens (NFTs), finance, and tangible real-world asset classes, given the Non-Fungible Token (NFT) industry’s explosive expansion and widespread blockchain usage. will be a permissionless platform where investors, artists, and other parties can stake, get incentives, and experiment with innovative NFTs on the Cardano blockchain in a secure and sustainable manner.

Tangent feels that the platform should ultimately become independent and community-led. To achieve this objective, they have designed the TANG token as a governance token whose primary function will be to actively steer Tangent towards self-sustainability and shared community ownership. The and will be a tradable asset that behaves similarly to the vast majority of other native Cardano tokens, except that it can also be used as a voting mechanism.

TANG holders will be able to directly participate in governance by voting on ideas pertaining to the token’s development and usage, as well as the future of the Tangent platform. Any proposal that meets the governance protocol’s proposal requirements will be eligible for a vote by the community.

Media Contact:
Ben Gordon

MENAFN30092022004812010992ID1104952311


Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.


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Tangent Announces Regulated ICO with Leading European Exchange LCX

ROAD TOWN, BVI / ACCESSWIRE / September 30, 2022 / Tangent has announced that LCX will be the chosen exchange to manage the $TANG Token Sale through their compliant token sale platform. Tangent has chosen LCX as its exclusive token issuer to execute a compliant initial coin offering of $TANG tokens.

Tangent Art, Friday, September 30, 2022, Press release picture

Tangent Art, Friday, September 30, 2022, Press release picture

Sale commences 1st October 2022.

From the get-go, Monty and the LCX team have understood and supported our vision of bringing utility to the NFT scene on Cardano. Their professionalism and experience has made the on-boarding process a smooth one. We are delighted to partner with LCX exclusively, for our fully regulated token offering – Ben Gordon – Co-Founder & GM, Tangent.

Tangent is a unique project built on top of the Cardano blockchain and we’re excited about this partnership to issue $TANG tokens,” said LCX’s CEO Monty Metzger. “LCX is experiencing one of its most prolific eras of innovation and new product development in its history. $TANG token will function like most other native Cardano tokens.”

The $TANG token sale will be managed by LCX’s Token Sale Manager, which will include knowing your customer (KYC), anti-money laundering in accordance with investor onboarding, and blockchain analytics (KYT) standards. Tangent manages the $TANG token sale in a compliant manner by leveraging LCX’s extensive token sale manager and crypto compliance suite. Tangent’s private and public sale rounds are being handled by LCX.

As the official token issuer and token sale manager for $TANG, LCX will plan the legal factors and register the sale with the regulator. In conformance with the Financial Market Authority and regulatory approvals, LCX will manage several key aspects of the token sale. The whitepaper, terms of the $TANG token sale, and an independent legal opinion from a credible European law firm categorizing the $TANG token as a utility token will be included in the notification to the regulator.

Tangent Contributing Inclusively In The NFT Market

Tangent is on a mission to develop a unique solution to bridge the gap between Non-Fungible Tokens (NFTs), finance, and tangible real-world asset classes, given the Non-Fungible Token (NFT) industry’s explosive expansion and widespread blockchain usage. The Tangent DeFi app will be a permissionless platform where investors, artists, and other parties can stake, get incentives, and experiment with innovative NFTs on the Cardano blockchain in a secure and sustainable manner.

Tangent feels that the platform should ultimately become independent and community-led. To achieve this objective, they have designed the TANG token as a governance token whose primary function will be to actively steer Tangent towards self-sustainability and shared community ownership. The token has been issued on the Cardano blockchain and will be a tradable asset that behaves similarly to the vast majority of other native Cardano tokens, except that it can also be used as a voting mechanism.

TANG holders will be able to directly participate in governance by voting on ideas pertaining to the token’s development and usage, as well as the future of the Tangent platform. Any proposal that meets the governance protocol’s proposal requirements will be eligible for a vote by the community.

Media Contact:

Ben Gordon
info@tangent.art

SOURCE: Tangent Art

View source version on accesswire.com:
https://www.accesswire.com/718320/Tangent-Announces-Regulated-ICO-with-Leading-European-Exchange-LCX


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Uniglo.io (GLO) Price Still Going Up, While Bitcoin (BTC) Plummets Lower Than 19,000 And Cardano (ADA) Bottoms Out

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While Bitcoin and most cryptocurrencies, especially layer-1 smart chains and DeFi tokens, continue to flounder, one up-and-coming DeFi project has seen a steady increase in price in the past two months and may see another big jump by mid-November. In fact, this token hasn’t been one single red candle in two months. How is that possible?

Uniglo (GLO) is currently hosting an initial coin offering (ICO). They’re in the third round of three phases of the presale. The price of the token has been raised after each round and currently sits at $0.0145 — a 45% gain from round 1. Also, any tokens that remain unsold upon launch in mid-November will be burned before GLO goes onto exchanges. If it hasn’t sold out yet, this could cause another big jump in the price of the token. But don’t count on that, as it’s very likely that the ICO will sell out within the next couple of weeks, as tokenomics greatly favor ICO investors.

So what is this Uniglo platform that we speak of? It’s a DAO developed to build a community of long-term investors who work together to maximize their collective profitability. They do this by investing the Uniglo treasury into a wide variety of assets that offer long-term appreciation, including cryptocurrencies and investment-grade NFTs, as well as other tokenized assets like stocks, gold, real estate, fine art, collectibles, and so on and so forth. Anything that can be tokenized is fair game. If there’s another way to build a portfolio such as this by buying and holding one single asset, we’re not aware of it. Anyone?

All holders of GLO get to vote on the investment activities of the DAO, including what assets it purchases and when to take profits and relocate funds. The community can also vote to buy back and burn tokens if it makes economic sense.

The treasury is funded by a royalty on all aftermarket sales. This is a trick borrowed from the world of NFTs. Whenever anyone buys or sells GLO a 10% portion of the transaction is raked into a common treasury — 5% from each party. Also, 2% of the tokens in the transaction are automatically burned by the smart contract.

If you read that right, you’ll notice that this means that money is constantly flowing into the treasury, and the supply of GLO tokens is constantly falling. An eternally deflationary token and an eternally growing treasury is something that Bitcoiners and ADA fans can only dream about. As more and more money gets added to the treasury, it eventually overtakes the market cap of the coin. From that point on, the GLO token is completely backed by a diversified basket of assets.

Uniglo makes diversified long-term investing so simple a child could do it. Just buy and hold GLO. This gives Uniglo a real shot at being one of the first DeFi platforms to see mass adoption, in which case ICO investors will be very well rewarded.

 

Learn more here

Join Presale: https://presale.uniglo.io/register

Website: https://uniglo.io

Telegram: https://t.me/GloFoundation

Discord: https://discord.gg/a38KRnjQvW

Twitter: https://twitter.com/GloFoundation1




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What is Solana (SOL)? Explaining one of the Fastest Layer-1s

Solana is a permissionless and smart contract-capable blockchain platform designed with the goal of optimal performance, high transaction throughput, and fast transaction speed; powered by its native taken SOL, Solana rivals layer-1s such as Ethereum (ETH) and Avalanche (AVAX). 

In this Solana basics guide, you’ll learn how the protocol works by reviewing its main components and other important aspects, such as the largest DApps on the ecosystem, tokenomics, and how it compares to Ethereum.

What is Solana?

Solana is a layer-1 blockchain, meaning it is the base layer infrastructure, as opposed to layer-2s and sidechains, which are parallel chains connected to layer-1. 

Solana uses two consensus algorithms: Proof-of-Stake and Proof-of-History.

Proof of History (PoH) is Solana’s backbone—it timestamps all transactions on the blockchain to prove they took place at a given time. It’s essentially a cryptographic clock that confirms those transactions in sequential order. PoH maintains the safety of the Solana network by proving the legitimacy of all transactions taking place in real time. 

In Proof-of-Stake (PoS), network participants must stake a certain amount of SOL tokens to become validators and verify transactions. The PoS algorithm brings a network of validators to verify the timestamps and confirm the transactions.

How to Stake Solana (SOL): Become a Solana Validator

Users who want to run a validator node must meet the computational requirements (CPU with 12 cores, 2.8GHz, and RAM 128GM, for instance) and stake SOL. There isn’t a minimum amount of SOL to become a validator, but participating in consensus requires a “Vote Account,” which has a rent-exempt reserve of approximately 0.026 SOL. 

Validators must vote on each block they receive; the voting cost is 1.1 SOL per day. This means a validator must stake enough SOL to make profits and not drain their wallets on voting fees. The other option is to attract enough users to stake on your validator node.  

Users can stake SOL to earn rewards and help secure the network, which can be allocated to one or multiple validators. 

Solana staking rewards depend on:

  1. The initial inflation rate, which is 8%. This figure is reduced by 15% yearly until it reaches a fixed rate of 1.5% annually.
  2. The total number of staked SOL. 
  3. Validators’ uptime and commissions.

Solana: History & Founder

Anatoly Yakovenko, a former engineer at multinational Qualcomm, founded Solana in 2017, publishing the whitepaper the same year. His goal was to create an infrastructure that could overtake proof-of-work and proof-stake networks.

Greg Fitzgerald and Eric Williams joined Yakovenko in developing the Solana testnet and creating Solana Labs, headquartered in San Francisco, California. Yakovenko announced the creation of the Solana Foundation in 2020, a Swiss nonprofit that supports and promotes Solana’s growth.

The SOL Token: Tokenomics and Where to Buy

SOL is Solana’s utility token used to pay fees for running smart contracts on transactions on the network. The other use case is staking and voting on government proposals.

Think of it as Ethereum’s ETH. 

SOL’s total supply is capped at 511,616,946 tokens. As of September 1st, 2022, there are 349,510,121 SOL tokens in circulation, roughly 66.2%. The distribution phase started in 2019 through an Initial Coin Offering, divided into five funding rounds, of which four were private sales. 

The initial distribution is as follows:

  • 38% to the Community Reserve Fund (managed by the Solana Foundation)
  • 15.86% to Seed Round investors
  • 12.5% to the Solana Foundation
  • 12.5% to team members
  • 5.07% to Validator Sale investors
  • 1.84% to Strategic Sale investors
  • 1.6% to Public Auction Sale investors.

SOL’s highest price was $258.93 on November 6th, 2021. SOL is a popular crypto, so chances are you’ll find it listed on most cryptocurrency exchanges, including Binance, Kraken, Coinbase, etc.

Solana’s Biggest Investors

Solana is backed by numerous crypto VC firms and digital assets institutions worldwide, including Alameda Research, CMS Holdings, BlockTower Capital, and Andreessen Horowitz (a16z). 

Solana has raised a total of $335.8 million in 9 rounds from at least 37 investors. The last round took place on August 19th, 2021. Solana Ventures is the blockchain’s investment arm and has invested in at least 16 projects across GameFi, NFTs, and DeFi.

Solana Vs. Ethereum: How Do They Differ?

Each blockchain has its advantages and disadvantages. It all comes down to what fits best for you or your project. Ethereum transiotioned from PoW to PoS in September. Since both blockchains are technically running on the PoS algorithm, it all boils down to their different designs and how they implement security, so here’s a quick rundown on both:

Solana’s Scalability and Transaction Speed

Metrics show Solana can process around 3,500 to 4,000 transactions/second, while Ethereum can deal with 10 to 15 TPS. Solana claims the network can reach hundreds of thousands of TPS, but this claim has never been proved.

TPS

Solana’s Number of DApps

While it experienced tremendous growth throughout time, Solana nowhere edges the amount of work that Ethereum deals with daily. The number of decentralized applications (DApps) on Solana is hard to track as more projects are being built daily, but DappRadar estimates more than 350 projects.

Some of the top DApps on Solana are:

  • Magic Eden: the largest NFTs marketplace in the Solana ecosystem.
  • Solend: Solana’s leading decentralized lending protocol where users can leverage long and short, borrow, and earn interest on their crypto funds.
  • Saber: a decentralized exchange (DEX) offering cross-chain interoperability between Ethereum, Binance Smart Chain (BSC), Polygon, and more.

On the other hand, Ethereum hosts roughly 2,500 to 3000 DApps, including Polygon PoS Bridge, Uniswap V3, Curve, Compound, and Arbitrum. These projects make up Ethereum’s over $50 billion in Total Value Locked (TVL), while Solana has $1.40 billion, as per data from DeFi Llama, making it the fourth largest ecosystem.

Security Aspects

Whether one blockchain system is more secure than another is always debatable. Neither Solana nor Ethereum has the perfect infrastructure, so it’s better to balance the pros and cons of each platform.

On the one hand, Ethereum is older than Solana — launched in mid-2015— so it has undergone more audits and security research. Therefore its flaws and vulnerabilities are better known to the public. Proof of Work blockchains are considered less prone to attacks than PoS protocols but have lower throughput and are highly energy consuming. 

Solana was launched in 2020, entering the industry with a far more complex architecture than Ethereum. The protocol champions speed and throughput. But it also has a slight advantage over classical PoS systems since it uses a combination of PoS and its mechanism, PoH, which orders transactions depending on the execution time rather than transaction fees, protecting the network from front-running attacks.

Final Thoughts: Solana and the Centralization Dilemma

Solana emerged in the early 2020s as the alternative option for users looking for a scalable and cost-efficient blockchain. It has established itself as one of the top networks for regular users and blockchain developers.

Solana is in the “Ethereum killers” club; layer-1 protocols offer similar features to Ethereum but have improved characteristics.

However —like any other protocol— certain aspects of it have drawn criticism. Critics mainly highlight Solana’s centralized ecosystem. Half of SOL tokens are owned by VC firms and insiders, and roughly 20 of over 1,100 validators on Solana control over 35% of the overall stake.

 

However, things are taking an interesting turn for Solana. The post-merge event has raised criticisms for Ethereum since more than 40% of network blocks were added by two entities: Coinbase and Lido.

Frequently Asked Questions

How many transactions can Solana support per second?: Solana offers 3,500 to 4,000 transactions per second and can theoretically scale to 65,000 TPS.

Has Solana been hacked before?: Solana’s core code hasn’t been attacked since the protocol launched, but like most ecosystems, several projects within Solana have been victims of exploits, hacks, and other attacks. In early August, hackers drained over $5 million out of Solana wallets, which was attributed to a private key exploit tied to mobile hot wallet Slope. In February, Wormhole, Solana’s largest cross-chain bridge, suffered a large-scale attack, losing $320 million.

How much are transaction fees on Solana?: Solana’s base transaction fee is $0,00025.

Does Solana Support NFTs?: Solana is home to numerous NFT projects and marketplaces, Magic Eden being the most popular for buying and selling NFTs.




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